Dollar rises… US threatens to raise interest rates

T + D- Normal size

The dollar rallied strongly during yesterday’s trade, but was on track for its biggest weekly loss since late May after weak US economic data, while the Federal Reserve threatened to raise interest rates in an attempt. Rising inflation should be controlled.

The euro fell yesterday after climbing to its highest level in more than two weeks as the European Central Bank raised borrowing costs in its first rate hike since 2011.

The dollar index, which measures the U.S. currency’s performance against six major currencies, rose 0.35% to 106.98 yesterday, following a 0.36% decline the day before.

But on a weekly basis, it fell 0.95%, the biggest decline since May 29 and the first weekly decline in four weeks.

The euro fell

The euro fell 0.44% to $1.0187, down from yesterday’s high of $1.0279, following a bigger-than-expected rate hike by the European Central Bank.

The Japanese yen headed for its first weekly gain since late May, although the dollar’s recovery pared its gains.

The dollar rose 0.43% to 137.925 yen, after falling 0.67% in the evening, moving further from a 24-year high of 139.38 yen reached last week.

As for the rest of the currencies, the pound sterling fell 0.35% to $1.1962, paring its gains for the week to 0.8%, but at its highest level since late May.

The Australian dollar fell 0.47% to $0.69035 and was up 1.63% on the week, but this was its best performance since last May 20.

Print
Email




  • Nadia Barnett

    "Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

    Related Posts

    • Economy
    • November 2, 2024
    • 73 views
    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    The wealth management landscape is undergoing a dramatic transformation, fueled by the rise of financial technology (fintech), according to fintech entrepreneur Emils Kerimovs. No longer exclusive to the ultra-wealthy, innovative…

    UAE Powering Gaming Boom in the Middle East

    The gaming industry in the Middle East is experiencing a growth spurt, with Saudi Arabia and the United Arab Emirates (UAE) among the countries attracting major investments. However, this digital…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    How to Choose the Right Mattress: Find the Best Fit for You

    How to Choose the Right Mattress: Find the Best Fit for You

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Best Kitchen Renovation Ideas to Upgrade Your Space